Today, I am posting to my Medway Property News blog readers about a possible Gillingham student let. It went onto the Medway property market on Friday asking for offers in excess of £210,000.
It is difficult to tell how much renovation would be needed on the inside, but a lack of pictures suggests some work would be necessary. This is an excellent location for the Medway student property market, just opposite Liberty Quays, very close to the Universities of Medway campus and only 0.6 miles from Gillingham station. If you renovate to a good standard there will be lots of interest from students.
A landlord of mine has a property on Milner Rd, which she has transformed into 3 ensuites and a single, bringing in a gross yearly rental of £21,840. Depending on how much you could buy the property for, and how much you spent to bring the property up to the proper standard, gross yields of between 8.7-9.9% could be achieveable.
If you could get this property at a reasonable price and renovate it to a good standard, it will be very attractive as a Medway student HMO. If you are interested, contact the selling agents and let me know how you get on!
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